WASHINGTON – Today ITI, the global voice of the tech sector, released the following statement from president and CEO Dean Garfield after the Senate released the text of the Tax Cuts and Jobs Act:
“The Senate Finance Committee’s release of its tax reform bill is hopefully the next step towards achieving a pro-growth tax system that will help create a strong economy that nurtures job creation, higher business investment, and more production from Silicon Valley to Silicon Prairie. Today, countries are engaged in a race to onshore innovative economic activity. Successful tax reform should ensure the United States continues to lead the charge on this front. We thank Chairman Hatch for his past leadership on technology issues and for making tax reform a top priority. We look forward to reviewing their plan.”
ITI has been a leading tech group on tax reform. The tech industry has commended Congress and the administration for acting swiftly on the issue. The tech industry considers tax reform a key legislative priority, and ITI has outlined its key priorities for Congress to update the tax code by:
- Lowering the corporate rate
- Moving to a territorial system in which profits are taxed where they occur, and
- Investing in innovation that is needed to bolster economic growth and U.S. job creation.